No no no.
I'm no electrical expert, but just bypassing the powerbase is NOT good.
Also, the throttles would not be able to control the cars if the power is not feeding into the powerbase through its power socket.
ARC Air does work perfectly with all my Scalextric brand cars, but I do get occasional powerbase reboots with other brand's cars.
One modder on Slotforum did modify the C7042 powerbase to allow more amps to the track, but the power supply was still plugged in to the powerbase and thus benefits from the short-circuit overload protection in the powerbase. It involved soldering and cutting bits on the circuit boards, so it's not for the casual user. I haven't seen any similar mods for ARC Air.
I did try a 4 amp transformer (from ARC Pro) plugged in to the ARC Air 15v socket, as a straight replacement for the standard transformer, but it didn't solve the overload issue. The powerbase internal circuit protects itself when cars try to draw too many amps or there's a short-circuit on the track, regardless of how many amps the transformer could supply.